BETHESDA, MD–The final processes to close the RLJ Lodging Trust and FelCor Lodging Trust $7 billion stock-for-stock transaction in which FelCor becomes a subsidiary of RLJ, now have dates on the calander.
The deal is expected to close on or about Aug. 31, 2017.
On July 6, the record date for determining shareholders and stockholders entitled to vote will close.
Then, the two REITs will hold separate meetings for their shareholders at their respective headquarters on Aug. 7.
RLJ shareholders will vote on the issuance of common shares of beneficial interest of stock in connection with the deal. FelCor shareholders will be asked to approve the merger.
Last month RLJ provided more details via a regulatory filing about the deal.
It said it would focus on two particular asset types within FelCor's portfolio: compact full-service and upscale limited service/urban locations. These asset types have less square footage, fewer food and beverage outlets, limited meeting space and majority of revenue comes from the hotel rooms, it explained.
RLJ also intends to recapitalize FelCor's capital structure and sell off the REIT's non-strategic assets, as well as do some selective repositioning.
BETHESDA, MD–The final processes to close the RLJ Lodging Trust and FelCor Lodging Trust $7 billion stock-for-stock transaction in which FelCor becomes a subsidiary of RLJ, now have dates on the calander.
The deal is expected to close on or about Aug. 31, 2017.
On July 6, the record date for determining shareholders and stockholders entitled to vote will close.
Then, the two REITs will hold separate meetings for their shareholders at their respective headquarters on Aug. 7.
RLJ shareholders will vote on the issuance of common shares of beneficial interest of stock in connection with the deal. FelCor shareholders will be asked to approve the merger.
Last month RLJ provided more details via a regulatory filing about the deal.
It said it would focus on two particular asset types within FelCor's portfolio: compact full-service and upscale limited service/urban locations. These asset types have less square footage, fewer food and beverage outlets, limited meeting space and majority of revenue comes from the hotel rooms, it explained.
RLJ also intends to recapitalize FelCor's capital structure and sell off the REIT's non-strategic assets, as well as do some selective repositioning.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
